Bank of Ireland study reveals that half of young Irish people dream of taking a round the world trip in their lifetime

Free world travel for students as Bank of Ireland announces 25,000 free flights to Europe and USA

Bank of Ireland today (Tuesday, 12th August 2008) revealed findings from an in-depth study of young Irish people’s attitudes to travel and adventure to mark the launch of its 2008 student-banking package. The study revealed that 82% of respondents believe travelling makes you a more rounded person and 70% say nothing will hold you back from travelling if you want to go. While 67% felt they didn’t have the funds to go travelling the reality is that 88% of young people who do travel use their own savings and less than 14% took out a loan to fund their trip.

To celebrate these findings Bank of Ireland announced today that it is offering 25,000 free flights to Europe and the USA to 3rd level students. Students who open or upgrade to a new student account will receive a free return flight to Europe* and when they use their account ten times each month between 1st November 2008 to 31st January 2009 they will receive a free return flight to the USA**.

The research also showed that just half dream of taking a round-the-world trip and that the favourite type of travel is to explore and experience other cultures. This generation are primarily influenced to travel by hearing the experiences of others (79%) and the availability of cheap flights (76%). Although the study shows that one in five parents worry their offspring may decide to stay abroad and not return, it also shows that 62% of parents encourage young people to see the world and only 3% are concerned that they will get into debt. Only 17% of respondents cited economic uncertainty as a reason for not travelling and 43% said they had no concerns at all about how long-term travel would impact their careers or future opportunities. Those that travel and take time off to experience other areas of the world are actually quite prudent with their cash when they travel, as the following findings testify:

88% used savings as their source of funding
59% believe credit cards are essential when travelling but more as a safeguard or to book flights
40% funded their trips with gifts from family and friends
“Cash is king” for 42% of people that travel, while 32% use debit or credit cards

Commenting on the research, Gavin Kelly, Head of Day-To-Day Banking at Bank of Ireland said: “This study clearly demonstrates that travel is now a rite of passage for this generation and 67% of them can’t understand someone who has no desire to travel and see the world. It’s impressive too that the top destinations are the ancient and natural wonders of the world and there is no corner of the world that they believe is out of their reach. They are also a very financially savvy bunch with 88% of them funding their travel with savings and most carrying very little debt on their return.

Bank of Ireland is the leading bank for students in Ireland and our student-banking package for 2008 offers a range of practical and highly competitive products such as our 9-month interest-free grant advance overdraft and travel loan plus the leading student credit card at just 15.5% APR. This year we’re offering 25,000 free flights to Europe and the USA to 1st year students who open or upgrade to a 3rd level account”.

People’s attitudes to romance and travel also revealed some interesting insights. While the early years are typically known as the time to enjoy being “foot-loose and fancy free”, 69% think its important when in a relationship to share the experience of travel together and 59% believe it makes them stronger as a couple. This generation doesn’t fear trouble in their relationships as a result of travel, with over half of the survey group trusting a partner travelling without them. They may not be as trusting when they hear that almost 60% of travellers admitted to experiencing a holiday romance at some time!

The study revealed that:

62% are encouraged by their family to see the world
67% of people can’t understand those who have never taken the chance to travel
54% miss their own beds the most when travelling
19% miss Mammy’s cooking most when away
More women than men miss their friends when they are away, while one in four men say they miss their pint
Not surprisingly, only 3% miss the Irish weather

Bank of Ireland’s 3rd level student-banking package for 2008 also offers:

Free day-to-day banking
Student Credit Card at just 15.5% APR for purchases
ATM and Laser card for worldwide access to cash
9-Month Interest-Free Travel Loan
9-Month Interest-Free Grant Advance Overdraft

RESEARCH: W5 Marketing Intelligence, Attitudes to Travel and Adventure 2008

12th August 2008

ENDS

Notes to Editor:

Details of Bank of Ireland Free Flight Offer:

*European Free Flight Offer

Open or upgrade a personal student account between 4th August 2008 and 30th November 2008 to qualify
Submit a short application and the flight voucher will be issued
The voucher entitles the bearer to enjoy an economy class return flight to one of the following cities – London, Paris, Amsterdam, Milan, Berlin, Edinburgh, Stockholm, Frankfurt or Krakow.
The voucher includes airport taxes and charges
Bring a friend for €99 excluding taxes and handling fees
Travel must be completed by 5th August 2009

**USA Free Flight Offer

To qualify the student must use their account 10 times each month (including one Mobile Top Up each month) from 1st November 2008 to 31st January 2009
The voucher entitles the bearer to choose a return flight to one of New York, Boston, Washington, Los Angeles, Toronto and Montreal
The voucher excludes airport taxes and charges
Bring a friend for €350 excluding taxes and handling fees
Travel must be completed by 31st March 2010

Full Terms and Conditions available at www.bankofireland.ie

For Further Information Contact:

Mary Brennan
Group Corporate Communications
Bank of Ireland
Tel: 01 6043838
E: Mary_C.Brennan@boimail.com

Marianne Murphy
Personal Banking
Bank of Ireland
Tel: 01 6043861
E: Marianne.Murphy@boimail.com